#France’s credit outlook cut to negative by S&P as nation’s slowing econ & govt measures to cushion households & businesses from higher energy weigh on public finances. AA rating affirmed. S&P cut 2023 GDP forecast to 0.2% from 1.7%, deficit forecast raised to 5.4% from 4% of GDP
Just learned from @cclerici that for my graph putting #ECB balance sheet in relation to GDP, I may not take 2010 adj GDP in denominator, but last year's trailing GDP. When #inflation soars, the measure is skewed to the upside. Now ECB balance sheet equals to 66% of Eurozone GDP.
OOPS! No Goldi-lockish US jobs data. A bit too hot!
#Fed deleveraging continues as balance sheet keeps shrinking. Total assets dropped by $37bn in the past week to $8,584.6bn, the lowest level since Nov 2021. Fed balance sheet equates to 33.4% vs #ECB's 78%, BoJ's 128%.
Good Morning from Germany where trade balance keeps improving not due to booming exports, but to fact that commodity prices have fallen, making imports cheaper & leading to better terms of trade. Exports fell by 0.6% in Oct MoM, imports fell 3.7%. Trade surplus widened to €6.9bn
In case you missed it: #ECB balance sheet has shrunk by a whopping €298bn to €8,471.4bn, the lowest since Dec 2021, as banks have repaid €296bn of their TLTRO loans. Total assets still equate to 78% of Eurozone GDP vs Fed's 33%, SNB's 115%, BoJ's 128%.
Fed-sensitive US 2y yields swung nearly 20bp peak-to-trough: they hit a peak of 4.55% in the morning before dropping all the way to 4.37% after somewhat dovish Powell speech. Fed tightening forecasts swung, w/Fed terminal rate dropping from 5.05% to 4.92%. (via @knowledge_vital)
Good Morning from #Germany, where supermarket prices keep rising. German Food CPI jumped 21% YoY in Nov, the highest food price #inflation since the start of the statistic & way higher than in other Eurozone countries. In #Italy, food inflation is just 14% & in #Spain 16%.
Europe Gas price closed at 6-week high w/unusually frigid weather expected to start eroding gas inventories.
Peak #Inflation in one chart. German Inflation plunged by 0.5% MoM in Nov, the first month-on-month decrease since Nov 2021 AND the biggest monthly drop since Nov 2020.
Peak Inflation narrative gets another favorite number: German #inflation eases. CPI slows to 10% YoY in Nov.
Peak #inflation narrative gets another favorable number: North Rhine Westphalia CPI dropped 0.8% MoM, biggest decrease since Nov 2020.
Good Morning from #Germany, where #wages are lagging far behind #inflation, so Germans getting poorer. Nominal earnings were up 2.3% in Q3 YoY but inflation rose 8.4% in same period, so real (price-adjusted) earnings plunged by 5.7%, largest real wage loss since statistics began.
Elon Musk went on tear against #Apple, #Twitter’s top advertiser, after he said AAPL threatened to block TWTR from App Store w/o explanation & mostly had stopped advertising. Apple was top advertiser on Twitter, spending $48mln in Q1, >4% of Twitter’s rev.
#Apple faces deficit of 6mln iPhone Pros on #China tumult. Production losses will affect Apple’s most in-demand phones. Workers have fought back against Covid lockdown fallout. In a worst-case scenario, one-fifth of sales would be lost.
BlockFi files for chapter 11 bankruptcy.
#Oil prices plunge as #China protests hit risk sentiment. WTI tumbled to lowest since Dec2021. China unrest comes after sharp pullback in oil mkt as risk of China slowdown looms & EU floated price cap on Russian crude that looks set to have minimal impact.
Good Morning from Germany where natural gas storage fell over past week to 243.5 TWh, or 98.8% full, in week to Nov26 compared w/5y avg of 86% for this time of year. A week earlier it was 99.6% of capacity. Traders focus on cold weather & possible Russia supply disruptions. (BBG)
#China is experiencing largest protests since Tiananmen Square protests. An online video of a fire in an apartment block has unleashed nationwide anger and protests over Beijing's Covid restrictions. Weak econ figures now being compounded by further risks

Breaking news

Mark Cuban gave this 19-year-old founder a $400,000 "Shark Tank" deal — and asked her to meet his 2 daughters. (via @CNBCMakeIt) |  Link
Where will mortgage rates go next year? The forecasts are vast by @__gabriellacruz Link
“This week was surprising in the sense that it did seem to indicate that the economy was in a healthier position than we first anticipated,” @mdbaccardax says about the data this week. “The job numbers today certainly cement that case.” |  Link
The @CityLab holiday gift guide — for the urbanist in your life |  Link
Elizabeth Holmes appeals her criminal fraud conviction, two weeks after she was ordered to serve more than 11 years in prison for deceiving investors in her blood-testing startup Theranos |  Link
Here's where the jobs are for November 2022 — in one chart. |  Link
You can start a successful business with little to no capital, says Nakia Vestal, a human trafficking survivor. Watch the video to learn about her journey and her advice for new entrepreneurs. |  Link
U.S. stocks rebounded to close almost where they opened, after a stronger-than-expected jobs report for November raised questions over how soon the Federal Reserve could slow its aggressive interest rate hikes. Read more: |  Link
This family left the U.S. and bought an apartment in Portugal for $534,000—look inside their 400-year-old home. (via @CNBCMakeIt) |  Link
Liquidity is the name of the game in the current economic environment |  Link
From historical arguments to poems on cryptocurrency, users took to Twitter to speculated on its ability to replace everything from playwrights to college essays |  Link
Cooling inflation and Powell’s talk of moderation sent stocks soaring. But a hot jobs report means rate hikes are still in the cards, and it’s not time to celebrate yet. |  Link
"This is about the outrageous behavior of an individual," Sen. Pat Toomey says on the FTX fallout. |  Link
Whether it’s flaming eggplant or liquid nitrogen gelato, 21st-century NYC diners are getting wowed by old-school tableside carts |  Link
Russian tourists are once again traveling in large numbers to Thailand and using credit cards issued outside of Russia |  Link
Layoffs hit white-collar workers, hinting at a ‘Patagonia vest recession’ |  Link
CFTC Chair calls for authority to prevent the next FTX by @Jenniferisms and @DsHollers Link
A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say. |  Link
Your boss denied your promotion request. Here's a CEO's simple advice for what to do next. (via @CNBCMakeIt) |  Link
Larry Summers says the Fed will need to raise rates more than expected, and warns the economy could slide suddenly like an "avalanche" |  Link
A Beverly Hills cop was California’s highest-paid municipal worker last year, earning $716,000 |  Link
The U.S. added a more-than-expected 263,000 jobs in November despite announcements of thousands of job cuts by technology companies, including Twitter, Amazon and Meta. Read more |  Link
“Oil is pinched in that sort of demand-supply equation right now,” @mdbaccardax says. More: |  Link
Companies that thrived during a period of rising prices may find it harder to boost prices and protect margins as inflations continues to slow. That could mean trouble. |  Link
4 of the top 10 best college towns in the U.S. are in Florida—see where else made the list (via @CNBCMakeIt) |  Link
Here's how a 26-year-old brings in up to $19K a month throwing parties: (via @CNBCMakeIt) |  Link
Tax "refunds may be smaller in 2023," warns the IRS. Here's why. |  Link
News shared on social media and by word-of-mouth moved faster than China’s censors, but the government is quickly making sure it keeps the upper hand |  Link
Home builders and suppliers have been hammered by rising mortgage rates. But there’s long-term value in the stocks, and interest rates won’t stay up forever. |  Link
McDonald's is taking a giant leap into the future with this new restaurant concept |  Link
Am I diversified? Jim Cramer makes the call |  Link
Winners of the second annual Earthshot Prize will each receive $1.2 million to help address environmental — and human — woes |  Link
LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is up for sale |  Link
Parents of successful kids don't worry about screen time, one expert says — they teach these 3 skills instead. (via @CNBCMakeIt) |  Link
Donald Trump “explicitly sanctioned tax fraud” by executives at two of the Trump Organization’s business units, a New York prosecutor told the jury in the companies’ criminal tax fraud trial |  Link
Cramer's lightning round: Let Extreme Networks cool off a little before buying |  Link
If you're taking part in the annual Medicare open enrollment period, here's how you can avoid being scammed. |  Link
Jim Cramer gives his take on Sunrun |  Link
Jim Cramer says he expects many more layoffs coming |  Link
WATCH: Drugmaker Pfizer is investing more than $2.5 billion in Europe, gearing up to launch new products it hopes can replace lost revenue as patents expire and vaccine sales decline |  Link
Heard on the Street: Jobs report reminds investors that Silicon Valley isn’t the whole economy |  Link
In an exclusive interview, San Francisco District Attorney Brooke Jenkins has a message about the “lawlessness” she says she inherited in her city: “All crime in San Francisco is illegal again” |  Link
Jim Cramer says these 3 apparel stocks benefit from the return to office |  Link
U.S. says Swiss engineering group ABB to pay over $315 million to resolve bribery case |  Link
U.S. Fed proposes plan for banks to manage climate-linked financial risk |  Link
“It will likely… prevent a rail strike and make such industrial activities illegal,” @mdbaccardax says about the new rail strike bill. “That’s a really big move for a president who has championed the labor movement for virtually the whole of his career.” |  Link
U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts |  Link
Flu hospitalizations nearly doubled over the last week, and admission rates have reached the highest level in more than a decade via @CityLab Link
New York Attorney General Letitia James’s longtime chief of staff and one of her most-trusted advisers resigned after being investigated for workplace misconduct via @CityLab Link
Of the 2,481 wines our columnist tasted this year, these 50 are the absolute best value |  Link
How Google's Waze has changed from its early days as car travel is remade |  Link
Adidas, one of FIFA's seven global partners, will still be represented in the tournament by Spain, Argentina and Japan after four of its seven sponsored teams exited the #FIFAWorldCup Link
Swiss industrial company ABB agrees to pay $315 million to resolve a multinational investigation into the bribery of a high-ranking official at South Africa's state-owned power utility Eskom |  Link
Germany has become a no-fly zone for discount airlines like Ryanair and EasyJet |  Link
Biden administration officials are trying to reassure oil market participants that the newly agreed $60 price cap on Russian crude won’t trigger supply disruptions and price volatility after it kicks in Monday |  Link
Here are seven major companies whose stocks moved on the week’s news, including CSX, AMC and Salesforce |  Link
Jim Cramer says these 3 apparel stocks benefit from return to office |  Link
What does it mean for a disease to become endemic? Watch the full video here: |  Link
The Biden Administration this week hosted French President Emmanuel Macron for an elaborate state dinner, with the menu headed by pricey, Maine-caught lobsters – drawing bipartisan criticism for the opulent optics.
Why Silicon Valley is so hot on nuclear energy and what it means for the industry |  Link
Bloomberg went to the Bahamas to spend 11 hours with the most famous man in crypto. This is what he had to say: Here’s your Evening Briefing |  Link
Darjeeling tea price tumbles after India leaf-blending quarrel |  Link
GM venture to invest additional $275M at Tennessee plant |  Link
The battle to control the iconic 4.2-mile stretch of road continues. |  Link
Microsoft is ready to fight for its $69 billion acquisition of gaming company Activision if the FTC files a lawsuit seeking to block the deal |  Link
The unemployment rate might have to rise to 4.5%—and stay there a while—before the Fed declares victory in cooling inflation. |  Link
Former FBI agent of 21 years: These are the 8 biggest "warning signs" that reveal a dishonest person. (via @CNBCMakeIt) |  Link
Goodbye savings, hello debt. Americans tap into credit to pay for goods this holiday season. @KristinaParts reports. |  Link
Magnetar Capital cut its stake in iRobot, a maker of automated cleaning devices. RA Capital disclosed a large stake in drug firm Acrivon Therapeutics. |  Link
Billionaire Warren Buffett: This is the "one easy way" to increase your worth by "at least" 50 percent. (via @CNBCMakeIt) |  Link
The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration |  Link
Never before have so many people had to take so much responsibility for their own long-term finances. Here's how to start planning |  Link
Readers weigh in on quantum computing, Walt Disney, climate change, business development companies, estate planning, and sequence-of-return risk. |  Link
Cramer’s week ahead: Markets need a strong job market, tame inflation to stay up |  Link
Former FTX US head is raising money for crypto startup via @business Link
The lawyer who represented Bernie Madoff has some advice for Sam Bankman-Fried: shut up |  Link
A Harvard nutritionist shares the No. 1 vitamin that keeps her brain "young and healthy"—and foods she eats "every day." (via @CNBCMakeIt) |  Link
U.S. judge dismisses indictment against Huawei CFO that strained U.S.-China relations |  Link
Cloud stocks were supposed to be immune from the slowdown. It hasn’t turned out that way. |  Link
US joins EU and G7 to cap Russian oil prices at $60/barrel by @Jenniferisms Link